TLT Options History — October 2025

In October 2025, TLT traded between $88.69 and $92.06. ATM implied volatility averaged 11.7%, placing in the 6.2% IV rank vs the trailing year. The 30-day expected move averaged 3.3%. IV traded above realized volatility by 2.9% (HV 20d: 8.8%). Max pain ranged from $88.00 to $91.00. Net GEX was positive for 21 of 23 trading days. Term structure was in contango for 14 of 23 days. Put/call ratio averaged 0.70.

Notable Days

  • 2025-10-29: Highest Volume — 693,138 contracts
  • 2025-10-17: Largest IV drop — 10.4% change
  • 2025-10-10: Highest IV Rank — 19.1%
  • 2025-10-10: Largest Expected Move — 3.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$90.60$88.69$92.06$89.22$90.25
Max Pain$89.83$88.00$91.00$89.00$91.00
ATM IV11.7%10.3%13.6%11.7%10.3%
Expected Move3.3%2.8%3.9%3.3%2.9%
HV 20d8.8%7.2%10.4%10.4%9.4%
HV 60d10.2%9.7%10.7%10.7%9.9%
IV Rank6.2%0.0%19.1%1.1%0.0%
IV Percentile5.7%0.0%30.6%0.4%0.0%
Term Structure0.1%-0.3%0.7%0.6%0.4%
VWIV11.9%10.1%13.8%11.9%10.2%
Skew 25d-0.1%-1.1%0.7%-0.1%0.0%
Skew 10d0.6%-1.1%2.3%0.7%1.4%
Call IV 25d12.0%10.2%13.8%12.1%10.2%
Put IV 25d11.9%10.2%13.9%12.0%10.2%
Bid-Ask Spread %2.241.912.972.092.02
Gamma HHI0.110.070.390.070.11
Net GEX716.4M-390.8M1.82B408.4M-390.8M
Net DEX-4.54B-7.54B-944.0M-2.37B-1.02B
Net VEX-62.4M-66.7M-55.9M-57.6M-64.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.341.510.670.58
Total Volume416,500.565186,879693,138303,822404,701
Total OI5,876,563.0875,420,6066,406,8915,463,7446,406,891

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-10-01$89.22$89.0011.7%3.3%10.4%1.1%11.9%-0.1%0.6%408.4M-2.37B-57.6M0.672.09N/AN/A182,271121,5513,155,8902,307,854
2025-10-02$89.57$89.0011.4%3.1%10.3%0.0%10.8%0.1%0.7%569.1M-3.35B-58.2M0.842.05N/AN/A101,51685,3633,166,7762,308,561
2025-10-03$89.31$89.0010.9%2.8%8.9%0.0%10.1%0.3%0.7%504.4M-2.72B-57.3M0.941.97N/AN/A141,422133,2373,202,5052,336,658
2025-10-06$88.69$88.0012.0%3.5%7.9%7.7%12.7%0.7%0.2%250.8M-944.0M-55.9M1.042.49N/AN/A204,653212,1763,165,2532,255,353
2025-10-07$89.13$88.0011.8%3.4%7.9%6.2%12.1%0.4%0.2%482.7M-2.03B-58.0M0.562.46N/AN/A218,220122,0213,208,6672,334,721
2025-10-08$89.25$88.0012.5%3.6%7.6%11.7%13.0%0.4%0.2%556.8M-2.49B-59.8M0.642.22N/AN/A161,632103,0253,296,1422,399,822
2025-10-09$89.20$88.0012.8%3.7%7.2%14.0%13.3%0.6%0.2%550.9M-2.23B-60.5M1.092.35N/AN/A129,970142,1913,318,3282,428,533
2025-10-10$90.59$89.0013.6%3.9%9.1%19.1%13.8%0.3%0.1%1.00B-6.07B-61.6M0.382.69N/AN/A468,383177,2683,337,1602,421,707
2025-10-13$90.55$89.0013.1%3.7%9.1%15.6%13.2%-0.1%0.0%907.6M-5.38B-60.4M0.532.12N/AN/A349,196185,4133,374,1822,427,381
2025-10-14$90.88$90.0012.9%3.7%9.1%14.1%13.3%-0.1%-0.0%903.0M-6.16B-62.4M0.342.35N/AN/A336,899113,1553,444,0412,490,993
2025-10-15$90.60$90.0012.0%3.4%9.1%7.6%12.2%0.2%-0.1%868.3M-5.39B-62.7M0.471.91N/AN/A329,765154,8563,503,3172,557,380
2025-10-16$91.41$90.0012.8%3.6%8.7%13.9%13.1%-1.1%-0.3%917.2M-7.35B-64.3M0.472.97N/AN/A417,900198,4763,533,0272,555,271
2025-10-17$91.12$90.0011.5%3.3%8.8%4.1%11.7%-0.7%-0.1%1.52B-6.85B-63.9M0.422.45N/AN/A340,835142,4813,648,5802,665,211
2025-10-20$91.53$90.0011.8%3.4%8.7%6.0%11.7%-0.5%-0.3%869.0M-6.19B-63.7M0.612.07N/AN/A219,524133,2753,355,9792,256,167
2025-10-21$92.00$91.0011.9%3.4%8.6%7.0%12.4%-0.6%-0.2%941.0M-7.18B-65.4M0.492.24N/AN/A304,155148,7223,417,1342,312,934
2025-10-22$92.06$91.0011.6%3.3%8.4%4.8%11.8%-0.5%-0.2%1.09B-7.54B-65.3M0.512.27N/AN/A305,939157,0633,529,0852,368,331
2025-10-23$91.44$91.0011.6%3.3%8.9%4.5%11.9%-0.4%-0.2%778.1M-5.32B-66.7M0.862.00N/AN/A200,869171,8093,519,6442,438,887
2025-10-24$91.45$91.0010.6%3.1%8.8%0.0%10.9%-0.3%-0.1%1.82B-5.04B-66.3M0.642.36N/AN/A278,941178,6583,579,4092,564,923
2025-10-27$91.72$91.0010.3%3.0%8.4%0.0%10.5%-0.6%0.3%756.2M-6.06B-65.3M0.541.93N/AN/A178,91295,7473,557,2872,466,843
2025-10-28$92.00$91.0010.6%3.1%8.3%2.2%10.9%-0.5%0.3%849.8M-6.69B-65.5M1.101.91N/AN/A138,018151,2443,572,7642,492,103
2025-10-29$91.10$91.0010.5%3.0%9.2%1.0%11.0%0.0%0.3%448.5M-3.84B-65.0M1.512.36N/AN/A276,130417,0083,610,7212,555,507
2025-10-30$90.65$91.0010.6%3.0%9.4%2.1%10.7%-0.2%0.4%-123.0M-2.20B-65.1M0.802.26N/AN/A303,355241,5683,598,2972,714,732
2025-10-31$90.25$91.0010.3%2.9%9.4%0.0%10.2%0.0%0.4%-390.8M-1.02B-64.2M0.582.02N/AN/A256,094148,6073,689,3012,717,590